Mar 14, 2021
Network effects of competition
I have been trying to come up with ways to incentivize the growth of our company. I want to offer a sale promotion but while it may incentivize one person to try it, it does not incentivize them to share our service with others because there is no extra benefit to the customer for sharing it.
To incentivize sharing, I am considering running a competition on top of the promotion. Here’s how it will work: each lacrosse team we are targeting in our area will be given a promo code that unlocks 20% off their order. At the end of the promotion period, whichever code gets used the most, will result in that team of players receiving an extra prize of lacrosse balls.
Each week, I can give an update on Instagram showing the scoreboard between teams. My hope is this scoreboard will drive FOMO for players to tell their teammates about our company and increase sales. I will report back with the effectiveness of this strategy.